FHA Home Loans

Program Overview

The Federal Housing Administration (FHA) has been helping people become homeowners since 1934.  The FHA loan program was created to make home ownership accessible to more people, and is administered by the US Department of Housing and Urban Development (HUD).

FHA loans are especially well-suited to meet the needs of borrowers who need to finance more than 80 percent of their home’s purchase price or appraised value.  FHA loans allow the borrower to borrow up to 96.5% of the value of the home.

Additional Benefits & Features

  • Competitive interest rates
  • Down payment can come from a gift or grant
  • Flexible credit and income requirements
  • FHA loans are assumable (some restrictions apply)

FHA Back-to-Work Program

On August 15th, 2013, the Federal Housing Administration moved to relax its guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances”.

Referred to as the Back to Work – Extenuating Circumstances Program, FHA removed the familiar waiting periods that typically followed a derogatory credit event.

Perviously, prospective home buyers who experienced financial difficulty and filed for bankruptcy or had their home foreclosed upon were required to wait two years from the discharge date previous bankruptcy and three years for either a short sale or foreclosure before they were able to purchase a home again.

With the recent changes, prospective home owners who experienced an economic event beyond their control that resulted in loss of employment, loss of income, or combination of both could purchase may be eligible to purchase a home one year out of bankruptcy, short sale, or foreclosure.

Have Additional Questions?

If you have additional questions about getting mortgage help, we are available 24/7 to answer any questions you have about the FHA Loan program. Give us a call at (920) 623-4902.

We can will help you understand your options, design a plan to suit your individual situation and prepare your application.

 

Get Pre-Approved Today!